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India's Third Giant Leap

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Indian Markets open firm
Wed, 1 Jul 09:30 am

Asian stock markets have opened the day in the green with markets in Hong Kong (up 1.9%) and Taiwan (up 0.8%) leading the gainers. Stock markets in US ended their session on a positive note while markets in Europe closed their session in the red yesterday. Crude oil prices rose nearly 1.3%, at Rs 3,785 per barrel. Precious metal gold and silver are trading down by 0.8% and 0.7% respectively.

Indian stock markets have opened their day on an encouraging note. BSE-Sensex is trading up by 83 points (up 0.3%) and NSE-Nifty is trading up by 18 points (up 0.2%). S&P BSE Midcap and S&P BSE Smallcap index indices are also trading in the green, up by 0.6% and 0.8% respectively. Sectoral indices are trading mixed with stocks in aluminum and pharma witnessing buying interest. Rupee gained around 0.12% and is trading at 63.68 per US dollar.

As per a leading financial daily, fiscal deficit for April-May of current fiscal stands at Rs 2.08 lakh crore or 37.5% of the budget estimates for 2015-16. Fiscal situation during April-May, 2015-16 has showed some improvement over the corresponding period of last year as the deficit then was 45.3% of the budget estimates. On a YoY (year-on –year) basis, the deficit was narrower due to higher non-tax revenue and lower non-plan expenditure. Net tax revenue for the first two months of 2015-16 stood at Rs 198.9 bn or 2.2% of the full year budget estimate. The same stood at 2.9% in the year-ago period. Total receipts stood at Rs 523.6 bn or 4.6% of the 2015-16 budget estimate, compared with 3.2% for April-May 2014.

Most of the stocks in automobile sector are trading in green. As per financial times, exports of automobile components grew 10% to an all-time high of $11.2 bn in 2014-15. This growth was helped by demand from the US, Turkey and Italy. As per data released on Tuesday by the Automotive Component Manufacturers’ Association (ACMA), it grew 11% to Rs 685 bn. Turnover for the industry grew 11% to Rs 2348 bn in 2014-15 as against a decline of 2% in 2013-14. However, India has remained a net importer of automobile components in 2014-15 with its imports growing by 6% to $13.5 bn as against a decline of 6.3% in 2013-14.

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